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In this video tutorial, the presenter explains how to hide placeholder text in content control form fields within a form. The placeholder text appears as light gray to guide users but can be undesirable in some cases. The tutorial demonstrates the process using a plain text form field. The steps include selecting the design mode, highlighting the placeholder text (including the period), and right-clicking to access the font options. The presenter points out the "hidden" box under font effects, which allows users to hide the selected placeholder text. Viewers are encouraged to explore the playlist on the channel for more tutorials on creating fillable forms.